FxWirePro: Gold Dips Below Lower Range, Bearish Bias Increases

FxWirePro: Gold Dips Below Lower Range, Bearish Bias Increases

9 May 2016, 17:28
Roberto Jacobs
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FxWirePro: Gold Dips Below Lower Range, Bearish Bias Increases

  • Gold prices declined on Monday as dollar strengthened across the board as the greenback held onto gains after mixed non-farm payrolls data last Friday. 
  • Gold prices took a dive from 1287 levels to hit low at 1262 before recovering towards 1266 levels. 
  • The commodity is poised to breach the support level located at 1255 and decline further towards lower levels as yellow metal weaker against US dollar. 
  • To the upside, the strong resistance can be seen 1282, a break above this level would expose the commodity towards 1295 levels. 
  • To the downside immediate support can be seen at 1262, a break below at this level will open the door towards 1255 levels. Support levels: S1-1262, S2-1255, S3-1243                     Resistance levels: R1-1272, R2-1282, R3-1295


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